Find i (the rate per period) and n (the number of periods) for the loan at the given annual rate.
-Annual payments of $378.80 are made for 8 years to repay a loan at 6.4% compounded annually.
A) i = 0.064; n = 8
B) i = 0.00533; n = 12
C) i = 0.064; n = 16
D) i = 0.008; n = 8

Question

Quizplus · Accepted Answer

The interest rate per period (i) is the annual rate, 6.4% or 0.064, since it is compounded annually. The number of periods (n) is equal to the number of years payments are made, which is 8.

Find I (The Rate Per Period) and N (The Number